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Teaching Since: Apr 2017
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 05 May 2017 My Price 9.00

Suppose the production possibility frontier for guns (X) and butter (Y) is given by

Suppose the production possibility frontier for guns (X) and butter (Y) is given by

a. Graph this frontier.

b. If individuals always prefer consumption bundles in which Y = 2X, how much X and Y will be produced?

c. At the point described in part b, what will be the slope of the production possibility frontier, and what price ratio will cause production to take place at that point?  chapter, show that the slope of this production possibility frontier is X/2Y.)

d. Show your solution on the figure from part a.

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Status NEW Posted 05 May 2017 01:05 PM My Price 9.00

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